Chap. 94.—An ACT to prescribe the manner in which the mutual assurance
society against fire on buildings in the state of Virginia shall deposit its
moneys and invest its surplus funds.

Approved January 17, 1900.

1. Be it enacted by the general assembly of Virginia, That the mutual
assurance society against fire on buildings in the state of Virginia shal]
have power and authority to deposit all sums of money received by them
in the course of their business in such bank or banks as may be selected
by the standing committee of said socicty from time to time, and the
standing committee shall prescribe the manner in which checks shall
be drawn on said funds.

2. That whenever the money of said society on hand may be more
than sufficient to discharge anv claim against the societv and to defrav
the current expenses thereof, the surplus shall, under the direction of
the standing committee, he invested in certificates of debt of the state
of Virginia, or of the United States, in bank stocks, or other good secu-
rities bearing an interest or entitled to a dividend, or in real estate, or in
the erection of buildings upon real estate owned by it. The said standing
committee shall have power to change such investments whenever they
shall deem best for the good of the society.

3. This act shall be in force from its passage.